How Many Stakeholders does your Business really have?
To run a company successfully, you need to have some investors and a great stakeholder management plan. Investors act as fuels to power the growth of your company. In a business, stakeholders are generally those investors in the company, the actions of whose, contributes a lot towards decision making for the business. Stakeholders can affect or be affected by the organization’s objectives, actions, and policies. It isn’t mandatory for your stakeholders to be the equity shareholders only. In fact, anyone can be your stakeholders from the business partners who depend on the success of your company to maintain their supply chain, to your own employees who hold a stake in your company’s growth or your customers and the general public.
Types of stakeholders
To understand how many stakeholders does your business really have, we should first learn to identify the types of stakeholders. There are 4 groups of stakeholders for a company or project:
This group of stakeholders uses your products or be benefitted by the output of your project in any way. These include your customers or any other internal department. For instance, if you are delivering a product to your sales team for feedbacks, the user here is the sales team.
The Governing Body
These are the groups or individuals who take an interest in the management process of the program or the project. These include the regulators, auditors, safety and health executives, the steering groups and the management board, etc.
Presenters or influencers
These groups of people are responsible for how the general public vies your company or your product. They can change the course of your program or your project. Advertising teams, the local newspaper of the target geographical area, lobby groups, trade unions, and other media personnel fall under this category.
You need suppliers to help your product reach the beneficiaries. Apart from general suppliers and vendors this group can expand and include catering staffs, temporary contractors and business partners who provide resources to the program or the project.
Very often an individual or group can fall under multiple categories. For instance, an employee can be a beneficiary, influencer as well as a supplier, if he is being surveyed regarding the product and meanwhile, they are also required to convey the awareness of the product to another group of beneficiaries while supplying another group the resources.
Having a diverse and significant number of stakeholders is good for a company. While the stakeholders might have dominance over your company, it becomes very easy to control these investors for a privately owned company rather than a publicly traded one. Stakeholders can help your company be grounded and focused where there seem more profitable approaches so that the company, as well as the product, sustains the earnings growth.
However, if you have a remarkable diversity and wide range of stakeholders, it can become a very tedious task to manage each and every group of stakeholders and simultaneously look for ways for the growth of your company. But, that should not limit you from having the number of stakeholders that your company requires and can be benefitted by. It matters how many stakeholders your business really has. And we will help you manage them very smoothly.